Prime rate drops .50% to 2.50%
Surrey, BC - Mar. 03, 2009 - T he Bank of Canada has cut their key lending rate by .50% today, with the Banks following the cut with a drop in their Prime rates to 2.50%. New variable rate mortgages now hover in the 3.30 - 3.50% range. 5 year discounted fixed rates are still low, with most in the 4.39% range and some with "Quick Close" rules in the 4.29% range.
For most clients I am still recommending they take a variable rate mortgage at this time, then float for the next year or so and look at locking it into a fixed rate then (12 - 18 months from now), before the US turns around and rates start to go up.
While many of you are in great floating variable rate mortgages enjoying record low rates, your friends and family may not have been as lucky to get great mortgage advice previously. Please have them call me today as they are probably paying too much on their mortgage (pretty well anyone paying more than 5.00% right now!) and the longer they wait, the higher the penalty to break them can become.
As always, having a Mortgage Strategy in place is always the best plan!
Call us for a no obligation review at anytime.
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Kona's Korner 
Kona is one of our 2 beagles, and has been with us since 1994, he is going to be 15 in June. He felt he should be included, so I am introducing him to you. Kona loves long walks with lots of sniffing, and despite his loss of hearing his sense of smelling is stronger than ever. Food is what he loves and we always laugh that despite being two rooms away or asleep in another room he can smell the fridge open and be at your side in a split second!
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